10 Reasons to Start a Business Now in Russia
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There is no shortage of good reasons to launch your own business in Russia, from supporting people to earning money doing what you love.
Forming a business can be a life-changing endeavor. You can become your chief and give yourself the space and flexibility you’ve constantly dreamed of.
But those are just some of the numerous reasons to start a company. While there’s never a wrong time to hang your shingle, the disruption spurred by the coronavirus pandemic presents extraordinary opportunities for new entrepreneurs.
If you’ve asked whether you’re ready to open up shop, here are ten reasons to get you inspired to start a business now.
1. Have More Control Over Your Future
When you take the harnesses of your own work-life, you end up with more say over what path you take and where you will eventually end up.
“It’s harder, it’s more labor, but it’s under your control,” says Valentina Khlavich, CEO of Valen Group and a Valen academy mentor. “That applies at any time, but it’s more interesting right when there are so many people unemployed or in danger of being unemployed,” she adds.
If you need something new career-wise, why not initiate a business now to regain some control over your life?
Related: Open a llc company in Russia
2. Work Where, When, and How You Desire
The element of having more control is being in charge of doing the work that produces your income.
“Starting my own business has allowed me to work how, when, and where I want,” says Fredrick Schmidt, owner of Schmidt consulting. “Having the freedom to work on your time is incredibly liberating and something that most people don’t get the satisfaction of feeling.”
Not only do entrepreneurs have the logistical advantage of controlling their time and space, but they also get the psychological benefit of having daily autonomy in their work lives.
3. Gain Flexibility
Needing greater flexibility is why many people choose to start a business. Maybe you need more flexibility to care for family members or pursue other needs or passions.
Laboring for employers who grant you jobs with specific restrictions on your time and space doesn’t offer the flexibility to do these things. By creating an enterprise, you can do it all.
4. Make Reasonable Money
Some businesses founder and others aviate, so no assurance that forming your own business will bring you a healthy income. However, there’s the possibility to make far more than you ever dreamed of as an employee, and that possibility is enough to motivate many would-be entrepreneurs.
“I’m not talking about get-rich-quick. But if you approach it in the right way, there’s the potential to make much money,” says Ames. “When you own the business, you have much control over that money, how you use it, and how you invest it.”
5. Grab Opportunities
A reasonable number of people start a business because they see a possibility and decide to grab it. Such an option could be a gap in a market that you can fill, a chance to use a windfall to do something new, or a change in the economy that facilitates entrepreneurship.
Peter argues that we’re currently experiencing the latter, “It’s a fantastic time to start a business right now because when big businesses are downsizing, small businesses are better able to hire people. Small businesses, especially in Russia, are the lifeblood of the economy right now.”
As Russia continues to shift from the pandemic, new opportunities will emerge. Those who are balanced to take advantage of them will start a business in the next few years.
6. Take Advantage of Low Obstacles to Access
The internet has extended the door wide to diverse online business models, such as e-commerce outlets, online service-based businesses, and digital product purveyors. Many of these opportunities can be started with a surprisingly small portion of the cash.
Worldwide online connectivity also delivers the opportunity to efficiently recruit talented people from anywhere in the world to help you begin or run your business. With many people looking for new routes for work during the pandemic, the talent pool is only growing more profound.
“I decided to start a menswear blog because the barrier to entry was so small: it only took a couple of hundred dollars to register a domain, pay for hosting, buy a WordPress theme, and get a logo designed,” says Dave Knight, founder of the men’s lifestyle website Knights underwear. “After that, my ongoing costs were minimal, and my business could grow in direct proportion to the amount of work I was willing to put into writing and to promote each new blog post.”
7. Locate Personal Satisfaction
When you design your own business, you get to do it exactly how you want. You create your concept and figure out the best ways of enacting that vision. On the other hand, as an employee of a corporation, you’re passing somebody else’s vision in the way they dictate.
That’s why “having your own business allows you to feel passionately connected to what you’re doing,” says Peter. “When you start your own business, you get to decide: Will I have a social impact? Will I have an environmental impact? Will my employees love coming to work every day?”
8. Make an Impact
You can, as they say, do good while doing well. Your reasons may be far more socially-minded than earning much money. And if you’re the charge of your enterprise, that’s your preference.
9. Create Your Environment
What do you prefer your work atmosphere to be like? If you operate for someone else, no one’s likely to ask you that question. You’ll have to put up with whatever milieu you encounter yourself in.
But if you work for yourself, says Silvia Kiyosaki, cofounder, and COO of Academy for people, “you can set the formality and culture of your organization.”
If you choose a casual workplace, you can make it so. If you want formality, you’ve got it. If you choose no workplace, you can operate as a solo entrepreneur from cafes and libraries. You’re in the driver’s seat as a company owner.
10. Manage a Problem
As the creator of a business, you may have the chance to help people solve problems in their lives. You can create a business aimed explicitly at fixing an issue in the marketplace, which will boost your chances of success and give you the warm feeling that comes from helping people.
You get extra points if the company you start also solves a problem you’ve been encountering yourself. You can solve two situations at once in that case, since creating your own business may solve another of your concerns: finding a satisfying and lucrative career.
How to start your LLC company in Russia
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